UPDATE: First Bank Manager Steals N40 Billion, Vanishes with Wife

The theft of N40 billion at First Bank was orchestrated by Tijani Muiz Adeyinka, the manager of the electronic products team responsible for handling transfer reversals. Instead of ensuring proper reversals, Adeyinka diverted funds to a Zenith Bank account owned by his wife.

Over two years, he stole N40 billion, dispersing the money across 1,190 accounts and investing in cryptocurrency. Currently, Adeyinka and his wife are missing. The fraud was uncovered when a customer insisted on resolving a non-reversal of funds.
READ ALSO: N40bn ($29m) Fraud Hits First Bank, Top Manager on the Run

Tijani Muiz Adeyinka, a First Bank employee, is now on the run after diverting N40 billion from the bank’s head office team in Iganmu, Lagos.
Adeyinka allegedly diverted these funds to 98 bank accounts, including his wife’s.

First Bank, with a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and obtained multiple court orders to freeze accounts connected to the stolen funds.
According to Tech Cabal, Adeyinka, who held a managerial position in the electronic products team at First Bank’s headquarters in Iganmu, Lagos, diverted approximately ₦40 billion (around $29 million) over two years.

He misappropriated funds by directing customer reversal requests to a merchant account under his control, taking advantage of his ability to finalize transactions without additional approvals.

The fraud came to light following a customer complaint, prompting an internal review by the bank’s control unit, which uncovered numerous suspicious transactions. In response, First Bank alerted the police and took legal measures to mitigate the financial loss.

Between April 4 and April 8, 2024, First Bank obtained three court orders to freeze hundreds of accounts suspected of receiving the diverted funds. Among these accounts were 98 primary beneficiaries, including one belonging to Adeyinka’s wife, as well as numerous second-tier accounts.

Court documents revealed that Adeyinka routed funds to his wife’s account at Zenith Bank, which then dispersed the money across 34 additional accounts. These accounts subsequently channeled the funds to 1,190 other accounts, creating a complex network of transactions to obscure the origin of the stolen funds.

In a statement to the Lagos State Commissioner of Police dated May 10, 2024, the bank confirmed its collaboration with law enforcement agencies to uncover the circumstances surrounding the fraud and apprehend all involved individuals.

“We hereby bring to your notice the discovery of fraudulent transactions within and outside the bank and request your good offices to set up an investigation to uncover the circumstances surrounding the said fraud and apprehend the culprits to face the law,” read a letter dated May 10, 2024, from First Bank to the Lagos State Commissioner of Police.
Fraud remains a significant issue in Nigeria.